BLK - Black Pearl Minerals Consolidated Inc. - Page 4

lack Pearl estimates resources at Timmins property

2008-01-28 10:51 ET - News Release

Mr. Robert Sibthorpe reports

BLACK PEARL RECEIVES NI 43-101 REPORT ON TIMMINS GOLD PROPERTY

Black Pearl Minerals Consolidated Inc. has received a technical report from GEOEX Ltd. of Toronto, Ont., on the geological potential, mineral resource estimate and preliminary economic assessment for the company's 100-per-cent-owned Timmins gold property in Tully township. The property comprises 16 contiguous claims (261 hectares) about 30 kilometres north-northeast of downtown Timmins. The company and previous operators have drilled 37,910 metres in 170 holes on the property.

The following statements are direct quotes from the summary and recommendations sections of the report.

"In the author's opinion, the geological setting of the property is sufficiently well defined to conclude that there is a valid comparison to be made between the property and the mines that occur in the Bell Creek-Hoyle Pond trend of the Timmins gold camp.

"The author concludes that the in situ grade potential of the property will ultimately be in the range of eight to 10 grams gold per tonne and ... concludes that the work completed to date on the property has demonstrated the presence of a significant gold resource ... and that the property has economic potential ... and recommends that the company initiate planning for an underground exploration and development program with the objective to confirm the geometry and continuity of the vein structures and to confirm sufficient measured and indicated resources to warrant completion of a feasibility study."

SUMMARY OF MINERAL RESOURCE AND GEOLOGICAL POTENTIAL ESTIMATES

Grade Contained gold
Tonnes Gm/tonne troy oz

Indicated mineral resource 362,090 8 93,140
(to 350 m)
Inferred mineral resource
Drill inferred to 350 m 114,990 6.3 23,290
Inferred extensions to 650 m 477,080 7.6 116,590
Total inferred mineral resources 592,070 7.3 139,880
Geological potential(i) (to 650 m) 6-7.8 million 8.0-10 1.5-2.5 million

(i) The geological potential quantity and grade are conceptual in nature as
there has been insufficient exploration to define a mineral resource as
defined in NI 43-101 and it is uncertain if further exploration will result
in the geological potential being delineated as a mineral resource.

Bought some just after the open as it looked like positive news- however sellers showed up later in the day- mainly TD i believe and managed to cap any rise in the stock. BMO and ANON the biggest net sellers on the day however.

This is really a tough market out there. I can't believe the price of gold compared to the junior mining stocks.

I agree - when will the market catch on to the fact that the gold price is going to break 1000$ US?
Sooner or later this has to translate into gains for those companies with proven gold resources.
BLK plans to bulk mine some of their SNOW LAKE deposit (gold dust)- and revenues should exceed 6 million $ at these present day prices. Their market cap only 7 mil.
NOW with the TULLY deposit having 1.5million ounce potential this one looks ridiculously cheap.
Dont know the rationale behind the selling late today- you would have thought those with big holdings would have let it run a bit.
BUT like we say its tough to impress the street these days, especially if you are a junior gold company.

Full 43-101 on Timmins Gold property is out and on the BLK website

Nice move today up 20%. Of course from where the share price started today it had to reach up to touch bottom.

Anyone notice what has happened to...

Black Pearl since they changed their name to Canadian Lithium, symbol - CLQ